Joe Robertson MP has expressed his concern and frustration over Red Funnel’s recent announcement that it has been acquired by private equity firm Njord Partners.
The announcement is particularly disappointing given that Red Funnel did not contact local elected representatives to hear concerns on behalf of Islanders before structuring the deal.
Mr Robertson said, “This is a bad day for the Island. Yet again, a vital service has been sold to a private equity group whose stated aim is the ‘uncompromising pursuit of capital preservation’ for foreign investors – their words, not mine. While cross-Solent ferry connections are treated purely as a revenue generator for investors within an unregulated framework, Island residents and visitors will continue to pay overinflated prices. The Government must step in. Enough is enough.”
